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Opening a high-yield savings account can be one of the best financial decisions an individual can make today. A high-yield savings account is a terrific place for starting an emergency fund as it pays a higher yield than your traditional savings account. This enables the account owner to reach their financial goals more quickly. 

And it is important to note, FDIC insurance protects your money in the form of deposit insurance, if anything were to happen to the bank. Nearly all national banks are FDIC insured, but we definitely recommend confirming with the specific financial institution before you open any personal savings account. 

Here are the top high-yield savings accounts available online: 

  • Live Oak Bank
  • Citi Bank¬†
  • Vio Bank
  • Ally Bank
  • Citizen‚Äôs Access
  • Pentagon Federal Credit Union
  • Salem Five Direct
  • CIBC Bank USA
  • Bank5 Connect
  • Discover Bank
  • Marcus by Goldman Sachs

Here is a little more information about these 11 high-yield savings accounts and what it is about them that makes them so special. Let’s get started! 

Live Oak Bank

Live Oak Bank

First up, we have Live Oak Bank. This institution is fairly new, founded in 2008 and based in Wilmington. NC. It has an 0.85% APY or Annual Percentage Yield. 

Not entirely sure what APY means or want to know how to calculate it on your own? You can learn more about it here. The FDIC updates the national average rates and rate caps.

Another great feature that the Live Oak bank offers on their online savings accounts is the $0 minimum opening deposit. Often, banks require the account holder to deposit a certain amount of money before opening an account; however, with a $0 minimum, essentially anyone is welcome to start an account. 

Live Oak Bank also does not charge any monthly maintenance fees, making this one of the best high-yield savings accounts for anyone just starting off.  

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CitiBank

CitiBank

‚ÄćCitibank is one of the largest financial service companies in the United States and in the world. Knowing this, it makes sense that they also rank as one of the top high-yield savings account options. However, Citibank‚Äôs savings accounts are slightly complex, so be sure to read the fine print.¬†

The Citi Accelerate Savings account has a very competitive and high APY rating, offering up to 0.90% APY. However, this APY is only available in certain markets and excludes larger states such as New York and California. 

In addition to this, if you do not have a checking account through Citibank, you will be charged a monthly service fee of $4.50. It is possible to waive this fee; however, you must keep a minimum of $500 in your Citibank online savings account. There is also a $10 service fee if you have a checking and savings account linked however, it is possible to waive the monthly fee if you meet certain requirements. 

Overall, this is an excellent high-yield savings account option if you are in the right market and meet all the necessary requirements. If you meet all the requirements, consider opening an account now and start saving up to buy some Christmas gifts for your family and friends. This is also a great option for someone looking for easy access within a mobile app for your online banking needs.  

 Related: The 8 Best Zero Interest Credit Cards

Vio Bank

Vio Bank

Vio Bank is one of the newest banks on this list, starting not too long ago in 2018. But don't think that that means they don't know what they are doing because Vio Bank is actually just the online division of the much older and larger MidFirst Bank that was started in 1911. 

Vio Bank offers an excellent APY of 0.83%. The best news is that this rating is available to everyone, regardless of your account's location or balance, and the interest is compounded daily! This high-yield savings account does have a minimum deposit amount required to create an account; however, it is fairly low at only $100. 

If you think that this might be the best high-yield savings account option for you, you can read a thorough Vio Bank review here.   

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Ally Bank

Ally Bank

Next up, we have Ally Bank. Originally starting as GMAC or Grand Motor Acceptance Corporation, which was an automobile financing company, Ally Bank grew from the banking division becoming its own entity in 2009. Its headquarters are currently based in Sandy, Utah. 

Ally Bank’s website boasts 8.5 satisfied customers ranging across their various banking, auto loans, investing, and other financial service departments. As for their high-yield savings accounts, Ally Bank offers 0.80% APY, with no minimum deposit needed and no monthly fees are charged.   

Due to all these perks, it is no wonder that Ally Bank is listed as one of the top high-yield savings accounts. This saving account is an excellent option if you are looking to start an emergency fund, which is essential to controlling your finances. If you are interested in learning other ways to manage your finances, check out these tips.  

Citizen Access 

Citizen Access

Citizen Access was founded in July of 2018, making it another relatively new institution on this list. Citizen Access also offers CD's or certificate of deposit accounts as well as savings accounts. If you would like to learn more about the certificate of deposit accounts, here is a good resource for you. 

Citizen Access’s high-yield savings account offers 0.80% APY, which is in the top tier of competitive APY’s currently available in the nation. Citizen Access also does not charge any fees, which is great for any individual who wants to create a high-yield savings account requiring very little maintenance. 

However, Citizen Access’s savings accounts do require a large minimum balance- $5,000 to be exact. If you do go below the $5,000 minimum, the APY will be adjusted to a much lower percentage and Citizen Access reserves the right to suspend your account for 90 days or longer. 

Pentagon Federal Credit Union

Pentagon Federal Credit Union

Pentagon Federal Credit Union, also known as PenFed, is an excellent credit union that offers a variety of savings account options. PenFed currently has around 1.8 million users worldwide and its main office is based in McLean, Virginia. 

At Pentagon Federal Credit union, the high-yield savings account is called the Premium Online Savings Account and is only available online. This account offers 0.80% APY and applies to any balance amount. There is also a minimum deposit of only $5 required to open a PenFed account along with no monthly charges. 

If you do choose to move ahead with Pentagon Federal Credit Union, make sure that you are choosing the Premium Online Savings Account. PenFed does have another savings account option; however, it has a much lower APY. 

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Salem Five Direct

Salem Five Direct

With Salem in the title, you might think that this bank is only accessible to those who live in the Salem area. However, that could not be farther from the truth! Salem Five Direct is the online division of Salem Five Bank, which allows users to utilize their services from all over the country. Salem Five Bank was founded in Salem, MA in 1855. 

Salem Five Direct dubbed their high-yield savings accounts as eOne Savings accounts, which offer a 0.80% APY. The smallest amount you can open an account with is $100. 

However, if you are looking for an account to earn a yield on a large amount of money, Salem Five Direct might not be the best option for you. While they do have competitive APY rates and a low minimum opening deposit, you can only earn a yield on balances up to $1,000,000. Additionally, if you go to a Salem Five branch location and perform a transaction that could have been done online, you will be charged a $9.95 service fee per transaction. 

Related: How to Manage your Finances [Now and Later in Life]

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CIBC Bank USA

CIBC Bank USA

Next up, we have the CIBC Bank. Formerly known as The Private Bank and The Trust Company, CIBC Bank USA was founded in 1991 and is based in Chicago, with other Michigan, Missouri, and Washington locations. 

The CIBC Bank offers a high-yield savings account named The Agility Savings Account. The APY offered on the Agility Savings Account is 0.80%. This account does require a minimum of $1,000 as an initial deposit to open an account. However, you do not need to keep a minimum of $1,000 in the account at all times in order to make the 0.80% APY. As long as there is money in the account, you will be making the same APY and not be charged any monthly maintenance fees. 

However, similar to the high-yield savings account at Salem Five Direct, there is a cap on how much money can sit in the CIBC Bank’s Agility Savings Account. The maximum amount of money that can earn APY in this high-yield account is also $1,000,000. If you plan on surpassing that monetary limit, it would be wise to look at a different savings account option. 

Bank5 Connect

Bank5 Connect

Bank5 Connect offers another excellent high-yield savings account option.Bank5 Connect is a branch of Bank Five. Bank Five was founded in 1855, but the Bank5 Connect division was launched in 2013. They are based in Massachusetts and have 13 branches in Massachusetts, as well as Rhode Island. 

Bank5 Connect calls their high-yield savings account their High-Interest Savings account so there is little room for confusion. At Bank5 you can start an account with just $10 as the opening deposit; however if you want to earn interest, you need at least $100 as your account balance. 

Bank5 Connect’s high-interest savings account has a 0.75% APY. 

If you choose to open a savings account with Bank5 Connect, you will not be charged any monthly maintenance fees. In addition to this, Bank5 Connect will also reimburse some out of network ATM fees. 

This reimbursement covers up to $15 per statement cycle. This reimbursement offering makes Bank5 Connect an excellent option for anyone who may travel frequently and may not always be by an in-network ATM. 

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Discover Bank 

Discover Bank

When you think of Discover, the first thing that comes to mind is likely the Discover Card, their popular credit card. While the Discover Card is slated as one of the largest credit cards in the country, Discover Bank also has a wide variety of other financial service offers, including checking accounts, money market accounts, and online savings accounts. 

Discover Bank’s online savings account has a 0.80% APY. They also do not require a minimum deposit in order to open an account, which makes these online savings accounts very accessible to any user. Discover Bank does not charge any maintenance fees and there is no fee charged for any insufficient funds.

Discover Bank does not offer any ATM cards to their online savings account holders; however, they do offer official bank checks with their savings account. Discover Bank also accelerates the delivery of official bank checks. 

Because of this, the Discover Bank is not a great match for anyone who is looking to withdraw cash instantly, however, if you have a day or two to spare between when you need your funds, this online savings account could be the right match for you!

Marcus by Goldman Sachs

Marcus by Goldman Sachs

Last but not least, we have Marcus by Goldman Sachs. As one would guess from the name, Marcus by Goldman Sachs is a branch of the Goldman Sachs Bank USA. Founded in 1869, Goldman Sachs is known today as one of the top investment banks. Marcus by Goldman Sachs offers a large variety of financial services, including a wide variety of loans, certificates of deposit, and of course, online saving accounts. 

Marcus by Goldman Sachs is currently offering 0.60% APY. There is a $1 minimum opening deposit and you can begin to earn APY on your account regardless of the number of funds that are in there. In addition to the APY never fluctuating, Marcus by Goldman Sachs never charges monthly fees. 

Unfortunately, Marcus by Goldman Sachs does not offer any debit or ATM cards, making the withdrawal or transfer process fairly complex and time-consuming. In addition to this, there is a maximum amount of $1 million for the high-yield online savings accounts. 


There you have it! 

A small collection of several easily accessible high-yield savings accounts for you to explore. Regardless if you are working on saving up for a big event in the distant future or just starting your emergency fund, a high-yield savings bank account will help you reach all of your financial goals! There is something for everyone to meet their savings goals from brick and mortar banks to online banks. 

Make sure the bank is FDIC insured before beginning any process. Don't forget to ask about minimum balance requirements, deposit requirements, overdraft fees and interest rates when opening any new account no matter what financial institution you choose. If you are looking for a bank with a debit card or direct deposit option, this is also something you should confirm with the bank, as not all offer these options. Some strictly have check writing options. 

Remember this is different from your traditional savings account. By securing a competitive rate, you can watch your compound interest really take off with a high-yield savings account. 

Happy financial planning!

You might also be interested in: When To Use A Personal Loan To Consolidate Credit Card Debt [With Expert Advice]

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Posted 
Sep 22, 2020
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